Pine Tree Acquires 2.5 MSF Retail Portfolio from SITE Centers for $495M

by Jeff Shaw

NORTHBROOK, ILL. — Pine Tree, in partnership with a state pension fund, has purchased six open-air shopping centers from SITE Centers Corp. (NYSE: SITC) for $495 million. 

The portfolio comprises 2.5 million square feet and includes properties in metros such as Fort Lauderdale, Florida; Columbus, Ohio; Cincinnati; Phoenix; and Portland, Oregon.

The assets included in the portfolio are:

  • The Fountains, a 430,000-square-foot retail center in the Fort Lauderdale suburb of Plantation. The Fountains is situated within the Plantation Midtown District, an 860-acre mixed-use project featuring offices, retail, restaurants and medical services. 
  • Arrowhead Crossing, a 362,000-square-foot shopping center in Phoenix. The asset is located adjacent the Peoria Sports Complex, the spring training home of the Seattle Mariners and San Diego Padres of Major League Baseball.
  • Easton Market, a 501,000-square-foot shopping center located in Columbus, Ohio. The property sits adjacent to the Easton Town Center mall and is located in proximity to the corporate headquarters of several companies, such as L Brands, Lane Bryant, Safe Auto Insurance, Huntington Bank and Chase Home Finance.
  • Kenwood Square, a 424,000-square-foot property in Cincinnati. The retail center is positioned in the Kenwood retail corridor, which features other shopping destinations such as Kenwood Towne Centre and The Kenwood Collection.
  • Polaris Towne Center, a 459,000-square-foot, grocery-anchored shopping center in Columbus, Ohio. The property features tenants such as Target and Kroger.
  • Tanasbourne Town Center, a 300,000-square-foot property located in the Portland suburb of Hillsboro, Oregon. The asset is situated just off U.S. Route 26, which runs through Portland, and is located near several major employers.

The portfolio’s retail anchors include Kroger, New Seasons Market, The Fresh Market, Target, Ulta Beauty, Nordstrom Rack, Dick’s Sporting Goods and 13 stores leased by TJX Cos.

Pine Tree is a retail developer and management company based in Northbrook, Illinois. The deal, which was sourced off-market, brings Pine Tree’s assets under management to a total of approximately $2.5 billion and 20 million square feet.

SITE Centers is a retail REIT based in Beachwood, Ohio. The SITC stock price opened at $14.56 on Friday, June 14, up slightly from $13.19 one year prior.

— Channing Hamilton

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